It’s the most valuable race on the planet, worth an astonishing $10 million to the winner, and it takes place in Riyadh on Saturday.
In only three years since its first running, the Saudi Cup has grabbed the attention of the racing world and the victory last year of Mishriff, owned by a leading member of the Saudi royal family, sparked a wave of celebrations in the Kingdom.
Mishriff, trained by John Gosden in England, is back to defend his title and, should he win again, he would become the leading prize-winning horse in history, eclipsing the mark set by Winx, the Australian wonder mare.
Victory would take Mishriff’s career earnings to £18,478,059 ($24.8m). That’s not bad for a horse who started his career with a cheque for £365.65 after finishing fourth at Yarmouth in England in October 2019.
For his owner, Prince AA Faisal, the prestige and honour is immense. He bred the horse and seeing him come home first 12 months ago at the King Abdulaziz racecourse is one of the highlights of his life.
The rise of the Saudi Cup is remarkable. Not so long ago the Pegasus Cup in America, the Everest in Australia and the World Cup in Dubai were vying for global pre-eminence. But Saudi Arabia was determined to make its mark, and has rapidly succeeded.
For Prince Faisal it reinforces the symbiotic relationship the Middle East has with the thoroughbred.
“Nobody loves racing and horses like Arabs,” he says. “I just love the horse and I think that people who don’t love horses shouldn’t have anything to do with racing. This is the whole thing. If you don’t enjoy it, leave it.”
When I saw him at eight months he looked like a proper horse
Prince Faisal on Mishriff
The five-year-old has extra significance for Prince Faisal, who named the horse after his former trainer, who, the Prince says, "taught me the Arab way of looking at a horse".
Mishriff was reared in Ireland but, when the Prince first saw him, he was less than impressed.
“As a foal he was horrible,” he laughs. ”I thought, ‘What am I going to do with this?’
“Two weeks later I saw another picture of him and he looked like a horse. When I saw him at eight months he looked like a proper horse."
He was sent to be trained by Gosden, who the Prince holds in high regard. “John is the best trainer in the world," he says.
“I have never seen anybody so good at the detail as John is. It is ridiculous. I thought I was good with detail then I sat with him and said, ‘Just do what you want!’
“I like my trainer to talk to me," Prince Faisal continued. "Whether it is bad, good or ugly. What’s the fun for me in having a horse you don’t know anything about.”
The Saudi Cup is set to be contested by champions from six different nations and winners of multiple Group One races around the world.
“It looks a mighty tough field but so it should be, “ said Gosden.
The Cup is the highlight of the two-day meeting at the King Abdulaziz track, which is hosting 16 races on the dirt and turf.
Tom Ryan, director of strategy and international racing for the Jockey Club of Saudi Arabia, said: “We are thrilled with the list for this year’s Saudi Cup meeting. It really highlights the international appeal of the event and shows that the biggest owners, trainers and jockeys in the world are increasingly looking towards Saudi Arabia.
“After such a difficult year in 2021, we are delighted to welcome racing fans from around the globe back to the Kingdom.
“Everyone has worked incredibly hard to ensure the success of the event this year and that the Saudi Cup continues to showcase the best in world horse racing,”
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
More coverage from the Future Forum
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Fight card
1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)
9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)
10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)
11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)
12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
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